Moving earned Income from UAE to Canada

[ashwinmoorkoth]

Hi All

I have received my COPR in June 2019 and have landed in Toronto on 01/08/2019 I returned back to Dubai (where I am currently).
I have received my PR card too and is here with me.

I am planning to move to Toronto this April 2021 and would like to know if there are any tax implications while moving the money I have earned here to Canada.

Regards
Ashwin

 

[jclarke99]

If by "money" you mean cash that is in a bank account, I don't believe that there are any considerations for Canada (others - please correct me if I'm wrong).

If you'll be transferring stocks, bonds, retirement accounts, tax-deferred accounts, etc. then that's another matter. Definitely keep records of the value of such assets when you make your move. In some cases, this will serve as the cost basis of such assets for future Canada tax purposes. But again, it depends on the nature of the assets (e.g., tax-deferred retirement vs taxable securities).

 

[canuck78]

Hi All

I have received my COPR in June 2019 and have landed in Toronto on 01/08/2019 I returned back to Dubai (where I am currently).
I have received my PR card too and is here with me.

I am planning to move to Toronto this April 2021 and would like to know if there are any tax implications while moving the money I have earned here to Canada.

Regards
Ashwin

While you are not in Canada I assume you don’t want to become a resident for tax purposes. In general minimizing any connection to Canada until you will become a tax resident is the best option. I would check with CRA if you are transferring money to Canada regularly. You will need to declare your international income in the year when you move to Canada.